UK-based cross-border payments provider Earthport has launched two remittance payment routes into Mexico and Colombia.
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The company announced the expansion into Latin America on 18 February.
Paul Thomas, executive director at Earthport, said: "The addition of Mexico and Colombia will further cement our position as the specialist white-label service for low value payments with a global footprint in all continents.
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By GlobalData"In addition to leveraging our local clearing capabilities in more than 50 countries, clients will benefit from a payment services that achieves the transparency under Dodd-Frank 1073.
"Our service enables our clients to provide advance disclosure of the principal amount and settlement dates of cross-border transfers, resulting in improved transparency and predictability as well as enhanced customer experience".
At $22bn (£14bn) worth of remittance payments a year, Mexico is the fourth largest remittance market in the world after India, China and the Philippines.
Colombia is the fourth largest remittance destination in Latin America, because of the significant number of emigrants to the US.
The launch of these two new payments routes can be seen as part of Earthport’s strategy to expand its presence in Latin America.
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